ASLAN Pharmaceuticals Announces Receipt of Nasdaq Delisting Determination; Has Determined Not to Appeal

Core Viewpoint - ASLAN Pharmaceuticals has been notified by Nasdaq of its non-compliance with listing requirements, leading to a decision not to request a hearing for continued listing [1][2]. Group 1: Nasdaq Compliance Issues - On July 9, 2024, Nasdaq informed ASLAN that it failed to meet the $1.00 bid price and $2.5 million stockholders' equity requirements for continued listing [1]. - The company was previously notified on January 5, 2024, that its American Depositary Shares (ADSs) had closed below the minimum $1.00 threshold for 30 consecutive business days [2]. - ASLAN was given a 180-day period until July 3, 2024, to regain compliance with the bid price requirement [2]. Group 2: Share Ratio Change - Effective July 3, 2024, ASLAN changed the ratio of its ordinary shares from one ADS representing 25 ordinary shares to one ADS representing 200 ordinary shares, resulting in a closing price above $1.00 per ADS [3]. - As of the press release date, the bid price for the company's ADSs had closed above the minimum $1.00 threshold for five consecutive business days [3]. Group 3: Company Overview - ASLAN Pharmaceuticals is a clinical-stage, immunology-focused biopharmaceutical company developing innovative treatments, including eblasakimab for atopic dermatitis and farudodstat for alopecia areata [4]. - Eblasakimab is a potential first-in-class antibody targeting the IL-13 receptor, with positive topline data reported from a Phase 2b study [4]. - Farudodstat is being investigated as a potential first-in-class treatment for alopecia areata in a Phase 2a trial [4].